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Guzzardi said the bill would replace the state’s current and “archaic” cooperative law, which is a century old. By updating the definition of this business model in the books, entrepreneurs would have more licensing options. Finding the appropriate business license is a hurdle for Illinoisans interested in pursing the model.
“We’re very excited about the bill. It will drastically change the way we’re formed from a legal perspective,” says Ryan Palma, a member-owner of Five Point Holistic Health, a worker-owned cooperative. “It won’t change our day-to-day, but this will make us “legal,” which is a long time coming in the state of Illinois.”
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